As the first major U.S. media company to partner with all three leading operators in New York’s newly legalized mobile sports betting market, MSG Networks is uniquely positioned to provide advertisers with significant scale and reach among sports fans across the state. As a result, Madison Square Garden is reaping the revenues of legal online NY sports betting.
“Mobile sports betting is now our largest revenue category on a run rate basis, and we have established successful marketing partnerships,” said MSG President Andy Lustgarten last week during the company’s most recent earnings call.
Madison Square Garden generated revenues of $338 million in the third quarter of 2022.
Madison Square Garden piles up NY sports betting deals
The New York Rangers, Knicks, and MSG presently have multi-year sportsbook partnerships with Caesars Sportsbook NY and BetMGM NY Sportsbook.
MSG Network will also have a multi-year contract with DraftKings New York, which will continue the long-standing relationship between the two. MSG Network has broadcast several sports betting shows that DraftKings has sponsored.
“It all starts with mobile sports gaming, where we welcomed DraftKings as our third major partner in a multi-year deal done in collaboration with MSG during this quarter,”MSG President Andy Lustgarten
We’ve previously discussed how important it is for us to partner with firms that can help them reach new customers. With BetMGM, DraftKings, Caesar Sportsbook, and representing over 50% of the mobile sports wagering handle in New York in March, we’re thrilled to continue assisting them in reaching new people.
Madison Square Garden sports betting? It’s possible
The high-stakes gaming campaign of Madison Square Garden is benefiting the legal online NY sports betting. In addition, the partnership between MSG and the three sportsbooks will help in advertising the mobile sports wagering to a larger audience.
MSG is a leading candidate to open the next New York sports betting lounge. Later this season, Caesars will open a sportsbook lounge at Citi Field. However, there hasn’t been much movement on a bill that would allow kiosks at sports venues in the state.
For the time being, Sen. Joe Addabbo has focused on getting fixed-odds horse racing on the NY gaming apps before the post-budget session ends June 2. However, other subjects, such as internet casino gaming, are anticipated to be included in next year’s budget, and Addabbo will have further talks on these issues.